After many hiccups spanning a year, the Nigerian Communications Commission (NCC) and Central Bank of Nigeria approved the sale of operator 9mobile to Teleology Holdings for $500 million, The Daily Times (DT) reported.
The most recent delay came earlier this month when regulators commenced a round of due diligence and existing stakeholders sought to slam the brakes on the sale until they were able to recover dues to a value of $43 million.
However, it appears Teleology Holdings has been given the green light.
A source told DT: “What Teleology has raised offshore exceeds the initial acquisition cost. It is inclusive of the amount needed for an audacious network expansion project for 9mobile. I can confirm this will change the telecoms landscape significantly.”
Teleology Holdings is set to add 5,000 base stations and may acquire “other fringe players in the telecoms sector to add to the 9mobile brand household,” the source added.
The messy sale of the operator has been in the works since major shareholders Etisalat and UAE-based investment fund Mubadala pulled out of the country in June 2017 after failing to renegotiate the terms of a $1.2 billion loan.Subscribe to our daily newsletter Back